Opina, Kenneth D.

BSE-CABUYAO
Over the past meeting, we have discussed about the significance of researching and
selecting in export marketing. But let me define first what is researching and selecting.
Researching is the act of gathering information, to investigate or to discover some information
that we want to know. Meanwhile, selecting is picking, or having a choice over different options.
These two things are very important in market research. Market research is a process of
gathering information on your potential consumers. It is the act of knowing their needs,
demands, and preferences.
In selecting your consumers, different factors of market research should be considered.
Knowing what you want to achieve and what information you need is the first step in conducting
effective market research. Start off by knowing where to put up your business. Ask yourself
questions like “who are my potential buyers? Who will use my product or service? What specific
age range is my target?” To be able to make good business decisions, you should get to know
first your customers. Moreover, as an entrepreneur, it is your responsibility to know the culture
and traditions of where you will put up your business. Some countries have their own banned
products so you should be aware about it. Next is researching about the location of your
business. Market research helps you identify areas for possible business expansion. You can also
conduct market research to find the best location to open a new store. As an entrepreneur, you
also have a choice whether you will sell it in wholesale or retail. A wholesaler buys things in
bulk from the producer in the process of wholesaling. When a retailer buys things from a
wholesaler and sells them in small amounts to the end client, this is known as retailing. And
lastly, you should know if your business is profiting, or it is not.
Marketing research may help you figure out not only what your customers want, but also
how well your company reaches and connects with them.It helps you identify problems and
opportunities, refine your systems, and evaluate your marketing strategy. As a wise entrepreneur,
making good decisions when it comes to selecting your consumers is a must. You should know
how to make your business profitable and sustain it over a long period of time.